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Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the...

Assume that the National Park Services want to restrict the number of visitors to Yellowstone to 3m visitors a year, which is smaller than the current record at 4.3m. They consider two policies:

i.Raising the price of admissions, and

ii.Setting a quota that limits the number of visits to 3m.


Compare the effect of these two policies on consumer surplus and welfare. Use a graph to

show which policy is superior

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